As you hopefully know we hit the sell button on Friday and cashed up in our SMAs. Henry and Chris are still holding some stocks, you can check out what they are up to in the newsletter portfolios on the website but the $60m of investor money in the SMAs is now in cash and we are "All out" once again. We had been talking about the overbought nature of the market at the beginning of last week but it took a 6.9% fall on Wall St in a day, a 7.13% fall in our market in three days and a momentary 48% spike in the VIX volatility index for us to do anything about it. We appear to be poised on the brink of a potentially precipitous moment once again, so we have stepped away. We remain open-minded about whether this is the right move, we are retaining our objectivity, will be happy to buy individual stocks that justify it and are watching to see what new themes develop, which may be very different from the recent recovery themes of energy, travel, tourism, REITs and financials. It will be a very interesting week.